Keller's run of growth ends

Last year was a "disappointing pause" in Keller's track record of growth. Turnover was up 11% to £567.5m, but pre-tax profit slumped from £30.4m to £14.8m, affected by exceptional costs of £13.8m.

The group was held back by reduced margins in Suncoast, the US post-tensioing business, and by a poor result from Makers in the UK. The latter made an underlying loss of £900,000 compared to a £2.8m profit in 2002, and led to a goodwill impairment charge of £7.4m.

The restructuring of the UK businesses incurred exceptional costs of £3.1m.

The current year has started slowly, but chief executive designate Justin Atkinson expects Makers to return to profitability this year.

Atkinson takes over as chief executive at the end of March, following the retirement of Tom Dobson.

• Keller has been awarded the £8.2m ground improvement contract at the Palm Island development in Dubai. Keller's job is to densify the sand to improve the stability of the island and to support utilities and structures. Completion is set before the end of this year.